© Reuters.
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by Pietro Nurse
Investing.com – US Dollar Weaker in early European trading on Tuesday. Prior to the release of US inflation data This will likely determine the direction ahead of the US Federal Reserve meeting. next week
At 3:05 am ET (07:05 GMT), which follows the dollar against six other currencies, it was trading 0.3% lower to 107.803, further down from a 20-year high from 110.79 last week.
All eyes are on the release of the August U.S. Consumer Price Index at 8:30 am ET (12:30 GMT) today, which will be a key guide to the country’s inflationary pressure ahead of the meeting. Establish Fed policy next week.
Analysts expect 8.1%, down from 8.5% in July. The price of oil fell nearly 10% from last month, while it is likely to drop 0.1%, which was flat the previous month.
The market isn’t just looking at stock numbers. but including the numbers separating food and fuel to see what the monthly trends are.
“It must have been a surprising figure that the Fed would deviate from its third consecutive hike of 75 basis points,” ING analysts said in a statement. “Eventually The economy grows moderately. Many jobs have been created and Fed Chairman Jerome Powell replied: ‘We must act promptly and honestly with the same force we do and we must keep it until the goal is’ achieved’.
The market is now considering a 90% chance at the Federal Reserve. It will raise the benchmark interest rate by 75 basis points at next week’s meeting.
Elsewhere, it rose 0.2% to 1.0139, with the euro continuing to benefit from the European Central Bank’s massive interest rate hikes last week and related comments from numerous officials, including the influential Deutsche. Bundesbank. Bank president Joachim Nagel has reported raising interest rates this year.
Even higher in August at 7.9% compared to last year. Information released Tuesday and is expected to be weakened later in the session
It increased 0.3% to 1.1708, a steady increase overnight. Although UK employment growth slowed sharply in the three months to July,
The National Statistical Office said only 40,000 jobs were created during the period, down from 160,000 in the three months to June.
It fell 0.3% to 142.44, with the yen strengthening slightly against the dollar. Due to speculation coming from the expectation of an intervention by the Japanese authorities in support of the currency.
Risk sensitive currency It remained broadly unchanged at 0.6885 after data showed that consumer and business confidence in the country continued to weaken. Despite a slight improvement in the last few months.
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